Setting up a business in Qatar would involve detailed knowledge of the business zones and legal requirements applying to such regions. One determines whether to register their business entity inside or outside the free business zones. As is usually the case, there are variations in law, policy, and compliance applying to each area. The zone above is pretty helpful since there is full ownership of shares among foreigners, no corporate and income taxes, and no regulations on foreign currency transactions. This zone is highly attractive to maritime, technology, manufacturing, logistics, and petrochemical companies.
Besides the favorable conditions of the free business zone, Qatar has other advantages to foreign entrepreneurs. Firms based in Qatar are free from any form of income tax on exports, and the level of corporate tax is less than 10%. Added to this is the availability of low-cost skilled labor and a well-developed corporate infrastructure to ease business growth. Its ability to repatriate profits freely serves to attract foreign entrepreneurs.
However, the company registration in Qatar is not that easy. Loads of steps have to be completed. Companies need to get registered with MOCI and they are supposed to have Arabic as well as English Legal contracts. A minimum of two owners should exist with at least 51% Qatari shareholders. The minimum share capital required is QAR 200,000.
The necessary documents which will be needed will include a Commercial Residence, a trade license, and a computer card. Other organization requirements will be a company bank account, residency permits among other requirements for foreign owners, and registration with the tax authorities and Ministry of Labour.
Conclusion- Qatar is one of the most attractive business ventures under Qatar's free business zone and favorable tax policies, especially to foreign entrepreneurs trying to find their way through company formation in Qatar.